XRP价格是否被操纵？

整个2025年，Ripple（XRP）的价格一直在奇怪的方式。即使在Ripple周围的几个重要发展之后，令牌也显示出几乎没有或没有重大的价格反应。

The price of Ripple (XRP) has been acting strangely throughout 2025, with little to no significant reaction even after several important developments around the token.

整个2025年，连冠的价格（XRP）的行为一直很奇怪，即使在代币周围的几个重要发展之后，几乎没有重大反应。

This has raised real questions within the crypto community. Is this just normal market behavior, or is XRP being manipulated behind the scenes by institutions or offshore exchanges to keep the token suppressed?

这就引发了加密社区中的真实问题。这只是正常的市场行为，还是XRP在幕后被机构或离岸交易所操纵以保持令牌被压制？

After the launch of XRP futures contracts on the Chicago Mercantile Exchange (CME) in May 2025, the price of the token fell by 8.5% almost immediately. This was surprising since the move was supposed to be positive for the token. It signaled greater adoption of XRP in traditional finance, which should have attracted more buyers and pushed the price up. Instead, the opposite occurred.

在2025年5月在芝加哥商业交易所（CME）上签订了XRP期货合约后，代币的价格几乎立即下降了8.5％。这是令人惊讶的，因为此举原本应该对令牌有利。它标志着XRP在传统金融中的采用更大，这应该吸引更多的买家并提高了价格。相反，相反的发生。

However, some experts explained that the futures market may now be giving big players an easy way to suppress the XRP price. Several analysts pointed out the same patterns that were seen when Bitcoin and Ethereum futures launched in past years.

但是，一些专家解释说，期货市场现在可能为大型玩家提供了一种抑制XRP价格的简便方法。几位分析师指出了比特币和以太坊期货在过去几年推出时所看到的相同模式。

One common concern is naked shorting, where traders sell futures contracts without owning any XRP. Another is rehypothecation, where the same collateral is used across multiple trades. Both tactics can put massive artificial pressure on the price and allow institutions to benefit from the volatility.

一个普遍的问题是赤裸裸的短路，交易者在不拥有任何XRP的情况下出售期货合约。另一个是重新支配，其中在多个交易中使用了相同的抵押品。两种策略都可以给价格带来巨大的人工压力，并使机构从波动性中受益。

Speaking about offshore exchanges and market makers, crypto analyst Austin Hilton, as reprted by AInvest, said that they are able to manipulate the price of XRP and other altcoins. According to him, because XRP still has relatively low liquidity compared to Bitcoin or Ethereum, it becomes easier for a few large players to exert control over the token without needing huge amounts of capital.

在谈到海上交易所和做市商时，Ainvest的加密分析师奥斯汀·希尔顿（Austin Hilton）表示，他们能够操纵XRP和其他Altcoins的价格。据他说，由于与比特币或以太坊相比，XRP的流动性仍然相对较低，因此一些大型玩家在不需要大量资本的情况下对代币进行控制变得更容易。

Earlier this year, in February 2025, the price of Ripple experienced a crash of 31% in just three hours. As reported by CCXV, analysts pointed out the unusual liquidity behavior and suggested that the drop did not look like normal trading activity. Instead, it appeared to be the result of deliberate and coordinated moves by market actors. That kind of event only fueled more suspicion about whether XRP trading is really as free and open as it seems.

今年早些时候，即2025年2月，Ripple的价格在短短三个小时内就会发生31％的撞车事故。正如CCXV报道的那样，分析师指出了异常的流动性行为，并建议下降看起来不像正常交易活动。取而代之的是，这似乎是市场参与者故意和协调举动的结果。这种事件仅引起了人们对XRP交易是否确实如此自由和开放的更多怀疑。

A X user known as StellarExpert has shared a post highlighting a whale purchasing nearly 250 million XRP, valued at over $500 million. However, what's surprising is that the market reacted minimally. Usually, a purchase of this magnitude would cause some price movement or activity. Yet, the price of XRP did not move at all. There was no price wick. No sudden spike. No visible excitement in the charts. It was as if the trade had never happened.

AX用户被称为Stellarexpert分享了一篇文章，该帖子突出了鲸鱼购买近2.5亿XRP，价值超过5亿美元。但是，令人惊讶的是市场的反应最低。通常，购买如此规模会导致某种价格变动或活动。但是，XRP的价格根本没有提出。没有价格灯芯。没有突然的尖峰。图表中没有明显的兴奋。好像交易从未发生过。

At some point, even the most loyal have to ask:Is this a market… or a simulation?Because when half a billion enters and nothing… pic.twitter.com/ohwS3VylCH

在某个时候，即使是最忠实的人也必须问：这是一个市场……还是模拟的？因为当十亿美元进入而什么都没有……pic.twitter.com/ohws3vylch

The user went on to question the situation directly, stating, "At some point, even the most loyal have to ask: Is this a market or a simulation?" It was a pointed remark that struck a nerve with the XRP community.

用户继续直接质疑这种情况，说：“在某个时候，即使是最忠诚的问题：这是一个市场还是模拟？”这是一个尖锐的言论，与XRP社区震惊。

In a normal crypto market, a $500 million buy will cause some movement. However, when nothing happens, traders begin to wonder if the market is being tightly controlled by a few key players who can maneuver the price as needed. That kind of transaction puts a spotlight on transparency and fair trading practices. It also raises questions about whether Ripple price movement is reflecting real demand or institutional maneuvering.

在普通的加密市场中，5亿美元的买入将导致一些变动。但是，一旦什么都没有发生，交易者开始怀疑市场是否受到可以根据需要操纵价格的一些关键参与者的紧密控制。这种交易使透明度和公平交易实践成为关注的焦点。它还提出了有关波纹价格运动是反映实际需求还是机构操纵的疑问。

Overall, the conversation around XRP has clearly shifted. From suspicious futures activity to unexplained crashes and massive buys leaving no trace, it seems that many XRP community members now believe something is wrong with the way the token is being traded. Until there is more clarity or stronger oversight, it seems XRP price may remain caught in a cloud of doubt and controversy.

总体而言，围绕XRP的对话显然发生了变化。从可疑的期货活动到无法解释的崩溃和大规模购买，没有痕迹，似乎许多XRP社区成员现在认为代币的交易方式有些不对劲。在更加清晰或更强大的监督之前，XRP价格似乎仍然可能陷入疑问和争议之云。